Sea IPO lures investors angling for next big thing 20 Oct 2017 The Singaporean startup raised nearly $900 mln in a pricier-than-expected U.S. listing. That suggests investors looked past growing losses for fear of missing out on what could become Southeast Asia’s answer to Tencent or Alibaba. Those comparisons are a stretch.
Meituan orders up help to be China’s next web star 20 Oct 2017 The food-delivery to hotel-bookings startup raised $4 bln at a $30 bln valuation. Investors reckon Meituan-Dianping could be China’s next huge online platform. With scale benefits from offering many different services, and this warchest to fight off rivals, they could be right.
Taj Mahal spat is a towering political folly 19 Oct 2017 A ruling party lawmaker says "traitors" built the landmark. An official sightseeing booklet omitted it. Yet tourism is one of the best ways to create jobs in India. Playing religious politics with a top visitor attraction is a disservice to Premier Modi's development mantra.
Mantra should have reservations over Accor bid 9 Oct 2017 Accor has offered $917 mln for the Australian hotel group. The French suitor’s bid looks cheap set against previous deals in the sector, and given the financial benefits Accor could reap. Mantra’s board could afford to ask for a bit more before handing over the keys.
Wanderlust, not shopping, drives China tourism 2.0 9 Oct 2017 More people spent China's "Golden Week" holiday on Thai beaches than in Hong Kong malls. As Chinese tourists eschew shopping for sight-seeing, offshore luxury retailers could lose custom. But as the travelling middle class spreads out, there are bound to be more winners.
SeaWorld a slimy meal for ex-Blackstone predator 5 Oct 2017 Merlin Entertainments is mulling a bid to buy the theme parks of the operator famous for its killer whales. Both were once owned by the buyout group. A $1.6 bln sale could create value, but SeaWorld’s complex ownership and the tough business outlook make a breakup tricky.
Wanda’s new overhaul is a prelude to relisting 10 Aug 2017 Chinese tycoon Wang Jianlin, under pressure to delever, just sold $9 bln of hotels and theme parks. Now he’s taking full control of some property projects and selling some businesses to a Hong Kong unit. That would make a delayed mainland listing more appealing to investors.
Skiing business goes tri-polar with Intrawest deal 10 Apr 2017 The $1.5 bln takeover of the operator of Stratton and Steamboat Springs resorts by Aspen Skiing creates a potential rival to primo consolidator Vail. With skier ranks mostly flat, these two will battle it out with independent resorts that will either huddle together or sell.
Disney gives Paris investors a Scrooge McDuck exit 27 Mar 2017 The maker of "Mickey's Christmas Carol" wants to buy out shareholders in its Paris theme park at a premium. Yet the price downplays Euro Disney’s profitability and real estate. This is poor compensation for a rollercoaster investment with more down than up.
Scuba instructors teach a private-equity lesson 22 Mar 2017 With their $2.5 trln of assets, buyout shops have been struggling to find promising new targets. Instead, they increasingly pass companies among themselves. A deal for scuba service PADI by families and endowments shows how some investors are cutting out the middlemen.
Chess: a 1,500-year-old startup that doesn’t scale 2 Dec 2016 A fresh push to popularize the game at this year's championship between Magnus Carlsen and Sergey Karjakin faltered. Pay-TV won't woo fans who can watch board movements for free and broadcasts are too technical for novices. Poor governance and few sponsors are hindrances, too.
Och-Ziff turns paper-shuffling into winter sport 4 Nov 2016 The hedge fund's property arm and EPR are paying a Florida REIT $830 mln for 15 ski resorts. The deal has plenty of twists and turns, like EPR giving Och-Ziff a mortgage to fund part of the transaction. Long-term leases, though, mean the new owners can do little but groom the slopes.
Fitbit tracks fast path to value destruction 2 Nov 2016 The wearable-device maker is proving just how hard hardware can be. Turning a fad into a lasting business is even tougher. A weak holiday sales outlook sent investors running. Fitbit is a worthwhile case study to keep nearby the next time a hot gadget IPO comes to market.
HNA checks in to Hilton at a high-season premium 24 Oct 2016 China's free-spending hospitality giant is plunking down $6.5 bln for 25 pct of the hotelier from Blackstone. It's paying 15 pct more than market for the honor. The LBO firm triples its money in the deal. HNA at least gains a valuable, if pricey, seat at an important table.
Borrowers reign despite Caesars defeat 27 Sep 2016 Efforts by Apollo and TPG to salvage something from their $30 bln casino buyout largely failed after creditors fought back. Under a new deal, junior lenders will recover 66 cents on the dollar. Most debt investors bow to lame terms, however, meaning Caesars will be an exception.
Qunar’s cut-price buyout might just fly 24 Jun 2016 The travel agent is the latest U.S.-listed Chinese group to get a buyout proposal from back home. A 15 pct premium to a depressed stock price is hardly generous. But if major shareholder Ctrip can be persuaded to hop aboard, this deal could work.
Sickly Lotte IPO reflects two faces of South Korea 13 Jun 2016 Seoul may be Asia’s coolest destination right now, and Lotte Group’s flagship duty-free arm ought to profit handsomely. But raids have derailed the unit’s $4.5 bln listing and drawn attention to Korea’s uglier side: its powerful, opaque and poorly governed conglomerates.
Time Out IPO more fringe than West End 10 Jun 2016 The loss-making events magazine is raising 90 mln pounds on London’s junior market. Its revamp depends on convincing visitors to book tickets on its site, though its track record hasn’t been great so far. Online booking is a crowded field and the price it is asking looks high.
Thomas Cook is shock absorber for tourist turmoil 19 May 2016 Despite increased like-for-like revenue, the UK holiday group’s shares dropped by almost a fifth as it reported half-year results. A missing Egypt-bound airplane underlines how difficult the tourism business has become.
Eurovision puts Ukraine in helpful spotlight 16 May 2016 Kiev’s pride in winning Saturday’s annual croon-fest has a downside: it has to pay to host next year’s. Russia has pointed out Ukraine has a ropey economy and a war in the east. The experience of former hosts, though, suggests there could be a return on the investment.